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Multi-Cap Opportunities Fund

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Mutual Fund > Equity > Multi-Cap Opportunities Fund

Multi-Cap Opportunities Fund

An unconstrained, high conviction U.S. core equity approach

  • Typically 30-40 core holdings with high "active share”, invested across three distinct categories: Special Situations, Opportunistic and Classic
  • Disciplined, bottom-up process focused on free cash flow and capital structure analysis
  • Multi-cap style enables flexibility to seek the most attractive areas for investment, while mitigating style-specific risk

Why use a multi-cap approach?
Understanding the mindset of company management


Daily Pricing as of --
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Product Characteristics

As of

Gross expense represents the total annual operating expenses that shareholders pay (after the effect of fee waivers and/or expense reimbursement). The Fund’s Investment Manager (the “Manager”) contractually caps certain direct expenses the Fund (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any; consequently, total (net) expenses may exceed the contractual cap) through 8/31/2023 for Institutional Class at 1.00%, 1.36% for Class A and 2.11% for Class C (each as a % of average net assets). As of the Fund’s most recent prospectus, the Manager was not required to waive or reimburse any expenses pursuant to this arrangement. Absent such arrangements, which cannot be changed without Board approval, the returns may have been lower. Information as of the most recent prospectus dated December 13, 2019, as amended.

Figures are derived from FactSet as of 12/31/19. The Fund’s Institutional Class was used to calculate beta, a measure of the magnitude of a fund’s past share price fluctuations in relation to the fluctuations in the stock market (as represented by the Fund’s benchmark). While not predictive of the future, funds with a beta greater than 1 have in the past been more volatile than the benchmark, and those with a beta less than 1 have in the past been less volatile than the benchmark. Standard Deviation is a statistical measure of portfolio risk. The Standard Deviation describes the average deviation of the portfolio returns from the mean portfolio return over a certain period of time. Standard Deviation measures how wide this range of returns typically is. The wider the typical range of returns, the higher the Standard Deviation of returns, and the higher the portfolio risk. Active Share measures the percentage of mutual fund assets that are invested differently from the benchmark, and will range between 0% and 100%, Funds with an active share below 20% are likely to be pure index funds, while those with an active share between 20% and 60% are considered to be closet index funds.

Top 10 Holdings

As of March 31, 2021
Berkshire Hathaway Class B 5.30%
Alphabet Inc 4.90%
Apple Inc. 4.70%
Microsoft Corp. 4.50%
Brookfield Asset Management Class A 3.70%
Jpmorgan Chase 3.50%
Hca Healthcare 3.40%
Comcast Corp. Class A 3.40%
Lowe\'s Cos. 3.30%
Ball Corporation 3.20%

Top 10 Industries

As of March 31, 2021
Capital Markets 7.20%
Communications Equipment 5.80%
Diversified Financial Services 5.30%
Interactive Media & Services 4.90%
Hotels, Restaurants & Leisure 4.90%
Technology Hardware, Storage & Peripherals 4.70%
Media 4.70%
Machinery 4.60%
Software 4.50%
Containers & Packaging 3.90%

Management Team

Richard S. Nackenson
Senior Portfolio Manager
30 Years of Industry Experience
21 Years with Neuberger Berman